Think Childcare Development shares list as stapling exercise of shares completes
In an announcement made on 23 December 2019, Think Childcare Limited (TNK) have confirmed that the scheme of arrangement whereby TNK shares and newly listed Think Childcare Development Limited (TND) shares would be stapled together has now been completed.
As a consequence of the reorganisation TNK shareholders will now hold one TND share for every TNK share that they own and as and when either a TNK or a TND share is bought or sold they will be transferred as a pair.
The reorganisation was first announced in August 2019 in the wake of news that the company’s largest incubator partner from whom the majority of new TNK centres were expected to be delivered had been placed into receivership.
TND will effectively be TNK’s own incubator and enable a far higher level of control over future pipeline growth and by creating a separate stock market listing will be able to quarantine development risk, source separate financing arrangements to finance development, and create a high level of visibility into the entity itself – a line of sight that has not been historically available with TNK’s previous incubator.
In the same announcement but on a separate note the company also confirmed that Chief Executive Officer and Managing Director Mr Mathew Edwards’ employment contract expiry date had been extended from 31 December 2019 to 1 March 2020.
It is expected that once the new remuneration framework has been completed Mr Edward’s tenure at the company will be extended for a new period.
To read the announcement please click here.